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LATEST NEWS UPDATES | Economic Survey: Focus on subsidy is Budget highlight: PwC

Economic Survey: Focus on subsidy is Budget highlight: PwC

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published Published on Feb 28, 2013   modified Modified on Feb 28, 2013
-MoneyControl.com

The Survey calls for a re-prioritization of expenditure especially in the subsidy front by cutting down the subsidy bill in case of Oil and Fertilizer and by increasing the efficiency of Targeted Public Distribution System (TPDS) and Direct Benefit transfer.

 “The Survey calls for a re-prioritization of expenditure especially in the subsidy front by cutting down the subsidy bill in case of Oil and Fertilizer and by increasing the efficiency of Targeted Public Distribution System (TPDS) and Direct Benefit transfer. The subsidy bill which was 2.4% of total expenditure in FY12 was budgeted to be 1.8% in FY13. Despite partial decontrolling of Oil prices, the survey highlights the under-recovery in the first three quarter of FY13 to the tune of Rs. 1,24,854 crore. This is significantly higher than the government’s budgetary allocation for oil subsidy which was of Rs. 43,580 crore.

The Survey endorses the idea of fixing per tonne subsidy on key nitrogenous fertilizers. While Government will continue to de-subsidise domestic energy consumption by permitting OMCS to raise prices periodically, thereby reducing oil subsidy bill, the impending enactment of food security bill may add some mild pressure on the burgeoning deficit. The handling of subsidy in the Union Budget will be an important aspect to look forward to in an election year."

MoneyControl.com, 28 February, 2013, http://www.moneycontrol.com/news/economy/economic-survey-focussubsidy-is-budget-highlight-pwc_831611.html


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